Petroleum Consolidators Negotiates for 3rd Station

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Petroleum Consolidators Negotiates for 3rd Station

01/24/2007

WEST PALM BEACH, Fla. -- Petroleum Consolidators of America, Inc., a development company focusing on land acquisition, ownership and operation of c-stores and gas stations, announced that it identified and is currently in negotiations to acquire its third branded location, as part of its consolidation and roll-up strategy.

"We are pleased to announce the third in a series of acquisitions targeted for 2007, which is part of our long term consolidation strategy," said David Cohen, president and CEO of Petroleum Consolidators. "As the company's two existing candidates near the closing phase, this third potential acquisition will complement our growing portfolio and ensure our targeted objectives are met in the near term."

The company's strategy in 2007 includes the acquisition of at least six retail gas stations, with an expected revenue of $22 million and $2.3 million in income. Petroleum Consolidators expects the first acquisition to close at the end of the first quarter.